OJK Deploys Big Data Analytics to Strengthen Market Surveillance

JAKARTA, Investortrust.id — Indonesia’s market watchdog is moving decisively to modernize its supervisory tools as the country’s capital market grows more complex and trading volumes hit record highs. The Financial Services Authority, OJK, has begun using Big Data Analytics as the core engine of its market-surveillance operations, a shift officials describe as essential for detecting abnormal trading patterns, preventing manipulation, and protecting investors in real time.

Setio Basuki, Head of Equity Market Surveillance Division 2 at OJK, said the system has been live since February and now processes massive volumes of transaction data with machine-learning algorithms capable of flagging anomalies that human supervisors would never see quickly enough.

“Big Data Analytics improves accuracy and accelerates our ability to detect suspicious patterns” Setio said during the Investortrust Capital Market Forum 2025, on Thursday, Dec 4, 2025. “It also analyzes sentiment from news and social media, giving us additional context to anticipate market behavior.”

Setio explained that OJK is integrating multiple data sources to create a panoramic view of market activity, a shift intended to reinforce transparency, liquidity, and market integrity. The approach combines technological detection with legal enforcement, supported by the regulatory framework established under the Capital Market Law, the updated P2SK Law, and a series of OJK regulations governing transaction reporting and the role of self-regulatory organizations.

The rising urgency behind this transformation became clear as speakers throughout the forum described a capital market entering a new era of scale, risk, and national importance. Arief Wibisono, Special Advisor to the Minister of Finance for Financial Services and Capital Markets, underscored that Indonesia’s financial system must grow far deeper and more sophisticated if the country hopes to reach its 2045 targets.

He noted that the government wants market capitalization to reach 120% of GDP, more than double today’s level, and said the supervisory framework must adapt accordingly. “A modern economy demands a financial system capable of supporting long-term growth” Arief said.

Shuvam Misra, the veteran technologist whose systems support key parts of India’s capital-market infrastructure, offered a complementary warning. He said Indonesia cannot rely on outdated processes when trading volumes continue to rise and patterns of abuse evolve with technology. “None of the recent fraud cases involved breaking into OJK or IDX core systems” Misra said. “They exploited weaknesses in the wider ecosystem. Technology that responds at market speed is no longer optional.”

His point resonated strongly with Setio’s emphasis on Big Data–driven surveillance. OJK already monitors more than two million trades per day, a scale that Setio said makes manual supervision impossible. Since 2015, OJK has been shifting toward real-time monitoring, and the introduction of Big Data Analytics marks the most significant leap in that effort.

Industry participants at the forum welcomed the move, but also highlighted the challenges that extend beyond OJK’s mandate. Lily Widjaja, Executive Director of the Indonesian Securities Companies Association, said stronger surveillance at the regulator must be matched by stronger cyber defenses at the brokerage level. She warned that many firms still lack the technology needed to protect client accounts from sophisticated digital fraud. “Strong technology is not cheap” she said. “We cannot expect brokers with small capital bases to invest at the same level as banks. The ecosystem needs shared solutions.”

Kartika Sutandi of Jarvis Asset Management linked the discussion to liquidity, noting that foreign investors demand markets where surveillance is robust, manipulation is penalized, and price discovery is trustworthy. She said Indonesia’s shrinking weight in global indices reflects not only market size but market confidence. “Active managers look for liquidity and transparency” Kartika said. “These systems matter.”

Technology leaders also pointed to India as an example of what consistent investment in market infrastructure can achieve. Sundararaman Ramamurthy, Managing Director and CEO of the Bombay Stock Exchange, said India’s rapid expansion was built on surveillance, settlement security, and digital rails that allowed retail investors to participate safely. “Technology must protect investors as much as it empowers them” he said.

Within this broader narrative, OJK’s Big Data initiative stands as one of the clearest signals that Indonesia is preparing its regulatory backbone for a much larger market. Setio said the authority continues to refine its tools to detect suspicious activity faster, respond more effectively, and ensure that Indonesia’s capital market remains credible as it expands.

“The mission is the same” Setio said. “We are strengthening our ability to safeguard the market, support liquidity, and maintain trust.”

The message resonated across the forum. As Indonesia pushes toward higher growth, deeper financial intermediation, and more ambitious national targets, the integrity of the capital market—and the technology that defends it—will shape how far and how fast the country can move.